Benson Elliot and JP Morgan have cashed in on investor demand in Cambridge, generating sales of close to £90m.
In two off-market deals, the pair have sold business parks in the East Anglia city, for 80% and 63% above the price they respectively paid for the assets.
LaSalle Investment Management has bought Phase 2000 at Cambourne business park from Benson Elliot, for around £36m – a 6.75% yield.
The purchase comes 12 months after Benson Elliot bought the asset – comprising 135,150 sq ft of offices in three buildings – for £20m.
Meanwhile on the south-eastern edge of Cambridge, TIAA Henderson Real Estate is understood to have paid JP Morgan Asset Management around £50m – a 6% yield – for the 200,000 sq ft Capital Park.
JP Morgan, on behalf of investors, bought the scheme from Capital & Counties for £30.7m in 2008.
The deal comes less than six months after a fund managed by JP Morgan sold the 90,000 sq ft Vision Park in Cambridge to Royal London Asset Management for £28.5m.
Mark Routledge, head of national office investment at CBRE, said: “Cambridge has next to zero new supply in the central business district. This means mean more occupiers will go to business parks therefore pushing up rents.
“There is great growth potential and this makes Cambridge extremely attractive to landlords.”
Prime central Cambridge rents stand at £34 per sq ft, compared with £27.50 per sq ft at Cambridge business parks.
Fears were quashed this week over the future of AstraZeneca’s planned £330m global headquarters in Cambridge, after it rejected a £69bn takeover approach from US pharmaceutical giant Pfizer.
JLL acted for LIM; Savills represented Benson Elliott; Bidwells advised TH Real Estate.
All parties declined to comment.
joanna.bourke@estatesgazette.com
